Former HIH director pleads guilty

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Former HIH director Rodney Adler today pleaded guilty to charges
of giving misleading information to the sharemarket and failing to
discharge his duties as a director of the failed insurance
company.

Adler pleaded guilty to two charges of disseminating false
information likely to induce people to purchase shares in HIH in
June 2000.

He also pleaded guilty to two charges of failing in his duties
as a director of HIH in the arrangement of a $2 million loan from
HIH to a company with which he was associated, Business Thinking
Systems, also in 2000.

The two charges relating to Business Thinking Systems were
brought to the NSW Supreme Court for the first time today.

The Australian Securities and Investments Commission is now not
pursuing three charges of stockmarket manipulation.

Adler will return to court for sentencing on March 29 and
remains on bail on a $50,000 surety and on the condition that he
not leave the country.